Audit-ready records
Most audits slow down for one reason: the numbers might be correct, but the evidence is missing, scattered, or inconsistent. “Audit-ready” means every material figure can be traced from the general ledger to source documentation—quickly, consistently, and without fire-drills.
Oceans builds audit-ready records as a repeatable system: on-time reconciliations, disciplined month-end close, clean schedules, and an Evidence Pack that mirrors how auditors test. The outcome is predictable audit execution, faster responses, and less management time spent searching for documents.
This is not a one-off folder clean-up. It’s a controlled process that improves close quality, reduces recurring audit points, and strengthens confidence for banks, investors, boards, and regulators.
What’s included
✔️ Balance sheet reconciliations with traceability to external evidence (banks, platforms, payroll exports, tax statements)
✔️ Structured Evidence Pack (“auditor kit”): folders, naming conventions, indexes and cross-references
✔️ Account schedules (fixed assets, loans/leases, accruals, prepayments, revenue recognition / cut-off support, provisions where applicable)
✔️ Transaction trails for testing samples (invoice/contract → approval → delivery/acceptance → payment → posting)
✔️ Month-end close checklist (roles, deadlines, control points, and quality checks)
✔️ Journal entry support: rationale, calculations, approvals, and supporting documentation
✔️ Pre-audit review and “auditor question” simulation to identify likely friction points in advance
✔️ Issue log with owners, due dates, and resolution evidence to prevent repeat findings
What we need from you
✔️ Access to your accounting system or structured exports (GL, trial balance, subledgers)
✔️ Bank statements / feeds and payment platform reports for the audit period
✔️ Sales and purchase documentation sources (invoices, contracts, delivery/acceptance evidence)
✔️ Payroll exports/summaries and tax/VAT statements where relevant
✔️ Loan/lease agreements and schedules; fixed asset register or purchase documentation (if applicable)
✔️ Your auditor’s PBC list (if already received) and key deadlines
✔️ A point of contact for fast clarifications (to avoid days lost to back-and-forth)
How it works
1. Readiness assessment: map gaps in reconciliations, trails, schedules, and document storage against audit testing needs.
2. Evidence structure design: implement a simple folder/naming/index system that’s repeatable by month/entity/account.
3. Reconcile first: prove balance sheet integrity with tie-outs and variance explanations before polishing reporting.
4. Build schedules and support: create auditor-critical schedules and attach calculations, rationale, and references.
5. Assemble the Evidence Pack: cross-reference where each PBC item lives, so requests get answered in minutes—not days.
6. Pre-audit Q&A run: stress-test the pack with typical audit questions and fix weak spots before fieldwork starts.
7. Optional monthly routine: embed audit-readiness into your month-end close so year-end becomes smooth.
Typical timeline
Initial set-up: typically 1–3 weeks (depends on period coverage, number of entities, and data quality).
Audit window support: aligned to your auditor’s schedule; we can respond to requests and update packs as questions arise.
Ongoing monthly audit-readiness (optional): delivered within an agreed close window (e.g., 5–10 business days after month-end).
Common pitfalls we prevent
✔️ Books ‘updated’ without reconciliations—hidden errors stay in the balance sheet until the auditor finds them
✔️ Unsupported journal entries and adjustments with no calculation trail or approval evidence
✔️ Missing cut-off logic (revenue/expenses recorded in the wrong period), causing repeated audit questions
✔️ Evidence spread across emails, chats, and personal drives-creating a compliance and continuity risk
✔️ Inconsistent documentation across months/entities, which increases testing time and audit fees
✔️ Late discovery of one-off transactions or unusual balances, leading to rework and management distraction
FAQs
Find answers to common questions!
No. We prepare your records and evidence so your external audit becomes smoother, faster, and less disruptive.
Yes. We can lead the structure, reconciliations and documentation discipline, while your team keeps day-to-day posting.
No. The strongest outcomes come from a monthly routine that keeps you audit-ready continuously.
We can adapt to most accounting platforms and reporting exports. If access is limited, we can work with structured exports and agreed templates.